F1 president and chief executive officer Stefano Domenicali said: “We’ve enjoyed an incredible history and partnership with Pirelli, relying on their technical brilliance and focus on performance, innovation and sustainability for many years, so I’m delighted that the FIA and we will continue that relationship for another year.”

Pirelli headed off a rival bid by Japan’s Bridgestone to win its last contract.

At the time, there was talk that the new deal could be Pirelli’s last.

However, while there is said to be interest from other companies for the next contract, sources say Pirelli is open to the idea of continuing beyond 2028.

The FIA has to open a tender process for the new supply deal. Interested companies submit their technical bid to the FIA, which decides whether they are appropriate, after which F1 holds commercial discussions which decide the destiny of the contract.